Ashoka Buildcon surges after winning orders

Ashoka Buildcon jumped 5.9% to Rs 231.60 at 9:38 IST on BSE after the company announced winning of highway projects in India.

Meanwhile, the S&P BSE Sensex was up 55.01 points or 0.16% at 34,239.05.

On the BSE, 20,000 shares were traded on the counter so far as against average daily volumes of 5,109 shares in the past two weeks. The stock had hit a high of Rs 234.95 and a low of Rs 224.90 so far during the day.

The stock had hit a 52-week high of Rs 268.50 on 29 November 2017 and a 52-week low of Rs 171.65 on 11 August 2017.

Ashoka Buildcon announced before market hours today, 1 March 2018 that its subsidiary viz. Ashoka Concessions (ACL) emerged as the lowest bidder at the financial bid opening meeting held on 28 February 2018 at New Delhi for the project of six laning of road in Jharkhand under NHDP Phase-V on hybrid annuity mode of National Highways Authority of India (NHAI). The company quoted bid project cost is Rs 860.10 crore.

Separately, Ashoka Buildcon announced during market hours today, 1 March 2018 that the company as an operations and maintenance (O&M) partner, along with MAIF 2 Investments India 2 Pte (MAIF-2) has participated in request for proposal issued by the National Highways Authority of India (NHAI) for Projects comprising of 9 National Highway stretches (Bundle 1) on Toll Operate Transfer Mode in India. MAIF-2 has emerged as the winning bidder for the project. EPC in the first two years is of Rs 1025 crore for the project and the company will be preferred partner for O& M of the project for 30 years.

Ashoka Buildcon's net profit rose 21.6% to Rs 51.99 crore on 25.7% growth in net sales to Rs 658.92 crore in Q3 December 2017 over Q3 December 2016.

Ashoka Buildcon is a leading highway concessionaire and engineering, procurement and construction (EPC) company.

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